{"id":15379,"date":"2012-06-14T09:44:12","date_gmt":"2012-06-14T07:44:12","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=15379"},"modified":"2012-06-14T09:45:32","modified_gmt":"2012-06-14T07:45:32","slug":"nokia-to-cut-10000-jobs-sell-vertu","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/trending\/15379\/nokia-to-cut-10000-jobs-sell-vertu\/","title":{"rendered":"Nokia to cut 10,000 jobs, sell Vertu"},"content":{"rendered":"

Loss-making Finnish cellphone maker Nokia<\/a> plans to cut another 10,000 jobs globally in its biggest revamp in recent history, while it warned the second-quarter loss from its cellphone business would be larger than expected.<\/p>\n

The cuts, which include the closure of Nokia’s only plant in Finland, bring total planned job cuts at the group since Stephen Elop<\/a> took over as chief executive in 2010 to more than 40,000.<\/p>\n

Nokia said on Thursday that it would book additional restructuring charges of around 1 billion euros ($1.3 billion) by the end of 2013.<\/p>\n

The company, whose cash position is increasingly scrutinized by investors, also said restructuring-related cash outflows would be around 650 million euros in the remaining three quarters of 2012 and around 600 million in 2013.<\/p>\n

Shares in Nokia fell 9 percent in early trading and were down 6.9 percent at 0711 GMT.<\/p>\n

Nokia stock has crashed more than 70 percent since it announced in February 2011 that it was dropping its own Symbian smartphone operating software and switching to Microsoft’s<\/a> largely untried Windows Phone system.<\/p>\n

“These changes underline the seriousness of the challenges Nokia is facing, particularly in light of the eye-watering competition from Apple<\/a> and Samsung<\/a>,” said Ben Wood, head of research at CCS Insight.<\/p>\n

Nokia also said it would sell luxury phone business Vertu to venture firm EQT. ($1 = 0.7953 euros)<\/p>\n

Related articles:<\/h3>\n

Nokia Siemens Networks targets 35% of Brazilian \u201c4G\u201d network<\/a><\/strong><\/p>\n

Nokia to offload Vertu subsidiary<\/a><\/strong><\/p>\n

Nokia fights back with cheap touchscreen phones<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Loss-making Finnish cellphone maker Nokia plans to cut another 10,000 jobs globally in its biggest revamp in recent history, while it warned the second-quarter loss from its cellphone business would be larger than expected<\/p>\n","protected":false},"author":7,"featured_media":12889,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[25,51,169,187,52,2326,2560],"class_list":["post-15379","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trending","tag-active","tag-apple","tag-microsoft","tag-nokia","tag-samsung","tag-stephen-elop","tag-vertu"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/15379","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=15379"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/15379\/revisions"}],"predecessor-version":[{"id":15381,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/15379\/revisions\/15381"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/12889"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=15379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=15379"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=15379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}